MIRA INFORM REPORT

Report Date :

21.12.2011

IDENTIFICATION DETAILS

Name :	DELPHIQUE INDIA PRIVATE LIMITED
Registered Office :	Village and PO, Dungarwas, District Rewari – 123106, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.04.1998
Com. Reg. No.:	05-033915
Capital Investment / Paid-up Capital :	Rs.37.490 Millions
CIN No.: [Company Identification No.]	U52190HR1998PTC033915
IEC No.:	3398002251
PAN No.: [Permanent Account No.]	AAACD9895R
Legal Form :	Private Limited Liability Company.
Line of Business :	The company is doing embroidery on different kind of fabrics on job work basis.
No. of Employees :	102 (Office – 12 and Factory – 90) Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 399000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES: Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. R. A. Yadav
Designation :	Director (Finance)
Contact No.:	91-9718501501

LOCATIONS

Registered Office/ Factory :	Village and PO, Dungarwas, District Rewari – 123106, Haryana, India
Tel. No.:	91-1274-240915-6
Fax No.:	91-1274-240916
E-Mail :	rayadav@delphique.com
Website :	http://www.delphique.com
Area :	16000 sq. ft.
Location :	Owned
Corporate Office :	Hans Ram Market, Opposite 7 C, Agilent Technologies, Maruti Industrial Complex, Sector 18, Udyog Vihar, Gurgaon – 122015, Haryana, India
Tel. No.:	91-124-4011983/ 84/ 240915
Fax No.:	91-124-4011985
Area :	2200 sq. ft.
Location :	Rented

DIRECTORS

(AS ON 29.09.2011)

Name :

Mr. Sandeep Bhatotia

Designation :

Managing Director

Address :

V. PO Dungarwas, Rewari, Haryana, India

Date of Birth/Age :

03.01.1970

Qualification :

BE/ MBA

Date of Appointment :

01.06.2007

DIN :

01660399

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17115HR1992PLC031660	BRD TEXTILES LIMITED	Director	14/05/1992	14/05/1992	Dormant	NO
2	U52190HR1998PTC033915	DELPHIQUE INDIA PRIVATE LIMITED	Director	1/6/2007	1/6/2007	Active	NO

Name :

Mr. Raj Singh Yadav

Designation :

Director

Address :

H. No.96, Sector – I, Huda, Rewari, Haryana, India

Date of Birth/Age :

31.03.1949

Qualification :

BA

Date of Appointment :

03.04.1998

DIN :

01713387

Name :

Mr. Ram Avtar Yadav

Designation :

Director (Finance)

Address :

Sharda Niwas, Rao Tula Ram Vihar, P O B B Ashram, Rewari – 123401, Haryana, India

Date of Birth/Age :

11.12.1956

Qualification :

B. Com

Date of Appointment :

11.12.2009

DIN :

01662642

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17297HR1998PTC033910	WESTEND FABRICS PRIVATE LIMITED	Director	2/4/1998	2/4/1998	Active	NO
2	U74899DL1993PTC055370	WASTEK MARKETING PRIVATE LIMITED	Director	23/02/1999	23/02/1999	Active	NO
3	U65921CH1998PLC021526	SVR FINANCIAL SERVICES LIMITED	Director	16/08/2008	16/08/2008	Active	NO
4	U52190HR1998PTC033915	DELPHIQUE INDIA PRIVATE LIMITED	Director	11/12/2009	11/12/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Raj Singh	450100
Ranbir Singh Yadav	290100
Ajay Yadav	100200
Rama Nand	20000
Westek Marketing Private Limited, India	276000
Toubro Industries Limited, India	20000
Savitri Project and Financial Services Limited, India	7500
Neelmount Securities Private Limited, India	22500
Rattan Singh	197500
SVR Financial Services Limited, India	823500
Aman Yarn Agency	100000
Concept Financial Management, India	25000
Adeep Yadav	20000
R K Dhall	10000
Neelam Yadav	10000
Virender Singh	10000
Ravi Shanker	10000
Satyabir Singh	10000
Rakesh Kumar	10000
Anil Kumar	10000
Ajit Singh	10000
Vijay Kumar	10000
Sakuntala Devi	10000
Omvati	10000
Manu Arora	20000
Surrender Kumar	4000
Sharda Yadav	100
Kiran Dhall	8500
Adi Finance Limited, India	845000
Westend Fabrics Private Limited, India	276500
Shalini Bhatotia	90000
Arjun Singh Yadav	42500
Total	3749000

(AS ON 29.09.2011)

Category	Percentage
Bodies corporate	55.00
Directors or relatives of directors	45.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is doing embroidery on different kind of fabrics on job work basis.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity
1^st Machine	203206 Meters
IInd Machine	216572 Meters
IIIrd Machine	138435 Meters
IVth Machine	219398 Meters
Vth Machine	208811 Meters
VIth Machine	223791 Meters
VIIth Machine	238549 Meters

GENERAL INFORMATION

No. of Employees :

102 (Office – 12 and Factory – 90) Approximately

Bankers :

§ Canara Bank, SCO 35-36, Sector 10-A, Gurgaon – 122001, Haryana, India

§ ING Vysya Bank Limited, 23, Narain Manzil, B K Road, New Delhi, India

• ING Vysya Bank Limited, Narian Manzil Ground Floor Shop No. G1 To G5, I Floor, Shop No. 1001 To 1007, Barakhamba Road, New Delhi - 110001, Delhi, India

§ ING Vysya Bank Limited, Cannaught Place, New Delhi - 110001, India

§ Corporation Bank, Millenium Plaza, Tower-B, Gurgaon, Haryana, India

§ Kotak Mahindra Bank

§ IDBI Bank

§ HDFC Bank

§ ICICI Bank

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
ING Vysya Bank Limited – Term Loan	33.472	46.372
ING Vysya Bank Limited – Working Capital	15.092	15.202
ICICI Bank Limited	9.596	10.546
HDFC Bank Limited	0.000	0.533
Sundaram Finance Limited	0.000	0.120
Canara Bank	0.366	0.259
Total	58.526	73.032
Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Kotak Mahindra Bank Limited	0.000	0.071
Cholamandalam DBS Finance Limited	0.000	0.654
HDFC Bank Limited	0.000	0.171
Total	0.000	0.896
NOTE: Term Loans and working Capital Loans from ING Vysya bank Limited are secured against 1^st Charges by way of Hypothecation of Machinery and Hypothecation of stock and book debts of the company respectively. The loans are secured by way of equitable mortgaged of factory land and Building at Dungarwas and equitable mortgaged of factory land and Building at Dungarwas and equitable mortgaged of land of Westend Fabrics Private Limited The loans are also guaranteed by director of the company. Loans from ICICI Bank Limited secured against 1^st charge by equitable mortgaged of property and guaranteed by the directors of the company. Borrowings from ICICI Bank Limited and Canara Bank are secured against the vehicles.

Banking Relations :	--
Financial Institution :	· Haryana State Industrial Development Corporation Limited UT, Chandigarh, India · Sundaram Finance Limited · Cholamandalam DBS Finance Limited
Auditors :
Name :	Deepak Ahluwalia and Company Chartered Accountant
Address :	419, Vishal Tower, District centre, Janak Puri, New Delhi – 110058, India
Tel. No.:	91-11-25612412/ 25535512 (R) 25553036
Fax No.:	91-11-25535512
PAN :	AACFD8515F

CAPITAL STRUCTURE

(AS ON 29.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Share	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,749,000	Equity Share	Rs.10/- each	Rs.37.490 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		37.490	37.490	37.490
2] Share Application Money		0.168	0.168	0.168
3] Reserves & Surplus		62.121	59.276	55.607
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		99.779	96.934	93.265
LOAN FUNDS
1] Secured Loans		58.526	73.032	85.521
2] Unsecured Loans		0.000	0.896	5.282
TOTAL BORROWING		58.526	73.928	90.803
DEFERRED TAX LIABILITIES		22.071	22.082	21.557
TOTAL		180.376	192.944	205.625
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		148.230	157.429	166.975
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		19.268	18.088	15.976
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.334	2.838	2.778
	Sundry Debtors	44.399	26.133	31.528
	Cash & Bank Balances	8.340	7.079	4.237
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.336	8.162	10.256
Total Current Assets		63.409	44.212	48.799
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	38.618	21.104	22.102
	Other Current Liabilities
	Provisions	11.913	5.681	4.023
Total Current Liabilities		50.531	26.785	26.125
Net Current Assets		12.878	17.427	22.674
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		180.376	192.944	205.626

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income (Job Charges)	115.428	74.109	81.799
		Other Income	1.096	2.634	1.674
		TOTAL (A)	116.524	76.743	83.473
Less	EXPENSES
		Manufacturing Expenses		33.463	34.608
		Personnel Expenses		10.490	10.922
		Administrative and Other Expenses		6.177	8.578
		Selling and Distribution Expenses		1.362	1.173
		TOTAL (B)	93.651	51.492	55.281
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.873	25.251	28.192
Less	FINANCIAL EXPENSES (D)		8.356	9.922	12.406
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.517	15.329	15.786
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.888	9.883	9.276
	PROFIT BEFORE TAX (E-F) (G)		4.629	5.446	6.510
Less	TAX (H)		1.784	1.777	0.599
	PROFIT AFTER TAX (G-H) (I)		2.845	3.669	5.911
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	55.607	49.696
	BALANCE CARRIED TO THE B/S		NA	59.276	55.607
	IMPORTS VALUE		0.127	0.047	29.939
	Earnings Per Share (Rs.)		0.76	0.98	1.58

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.44	4.78	7.08
Net Profit Margin (PBT/Sales)	(%)	4.01	7.35	7.96
Return on Total Assets (PBT/Total Assets}	(%)	2.19	2.70	3.02
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.07
Debt Equity Ratio (Total Liability/Networth)		1.09	1.04	1.25
Current Ratio (Current Asset/Current Liability)		1.25	1.65	1.87

LOCAL AGENCY FURTHER INFORMATION

OPERATIONAL

Despite the fact that the recession is over and government has also given various relief’s and concessions to the textiles sector specially to garment industry but still it has not been able to register the desired growth. Since growth of the company directly related to the growth of garment industry as such revenue/job charges has increased to Rs.115.428 millions in comparison ro previous year revenue Rs.74.109 millions and registered a growth of 35.79%. however the realization rates has not still increased and profit after tax has decreased to Rs.2.845 millions in comparison to previous year of Rs.3.669 millions. The management is quite hopeful that in the financial 2011-12 this will increase to desired level.

Contingent Liabilities [As on 31.03.2011]

Contingent liabilities not provided for in respect of

• Bank guarantees outstanding as on 31" March, 2010 issued by ING Vysya Bank Limited for Rs.0.227 million in favour of Dy Commissioner Excise and Taxation and for Rs.1.972 millions in favour of Dy. Commissioner of customs towards EPCG license for which counter guarantees have been given by the Company and 100% margin kept by the Bank in the shape of fixed deposits.

• Sales Tax and income tax assessment upto Financial year 2006-07 have been completed. The department has raised demand of Rs. 0.228 million and Rs. 0.172 million for the year 2003-04 and 2004-05 respectively. Based on legal advice the Company has filed the appeal against the order of Assessing officer.

• There are no other claims against the company which have not been acknowledged debts.

FORM 8:

Name of the company	Delphique India Private Limited
Presented By	Vysya Bank Limited and Delphique India Private Limited
1) Date and description of instrument creating the change	DPN Dated 10.01.2000 Agreement for Hypothecation of Stocks in Trade Machinery, Book Debts, Bills and Other assets dated 10.01.2000
2) Amount secured by the charge/amount owing on the securities of charge	Rs.1.850 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of stocks of raw materials, Semi finished and Finished Goods held at Village and P.O. Dungarwal District Rewari, Haryana and Assignment of receivable.
4) Gist of the terms and conditions and extent and operation of the charge.	First charge on stock and Receivable is to secure cash credit and Assignment of receivable limit of Rs.1.850 Millions Interest is min. 17.85% or at such other rates as may be fixed by the Bank from time to time.
5) Name and Address and description of the person entitled to the charge.	Vysya Bank Limited Connaught Place, New Delhi, India
6) Date and brief description of instrument modifying the charge	Nil
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Nil

This form is for	Creation of charge
Corporate identity number of the company	U52190HR1998PTC033915
Name of the company	Delphique India Private Limited
Address of the registered office or of the principal place of business in India of the company	Village and PO Dungarwas, Rewari, Haryana, India
Type of charge	Movable Property (Not being pledge)
Particular of charge holder	Canara Bank, SCO – 35-36, sector 10-A, Gurgaon – 122001, Haryana, India Email : rayadav@delphique.com
Nature of description of the instrument creating or modifying the charge	Canmobile Agreement.
Date of instrument Creating the charge	30.03.2009
Amount secured by the charge	Rs.0.300 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Canmobile Agreement Rate of Interests – 11% Terms of Repayment Loan repayable in 60 installments Margin Margin is 20% Extent and Operation of the charge Hypothecation of Tata Vista Aqua TDI Car
Short particulars of the property charged	Hypothecation of Tata Vista Aqua TDI Car

FIXED ASSETS:

· Land

· Factory Building

· Office Building

· Plant and Machinery

· Furniture and Fixtures

· Factory and Office Equipments

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.02
UK Pound	1	Rs.82.34
Euro	1	Rs.68.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.